A common request is to turn a Project from the Project Accounting module, into a Fixed Asset in the Fixed Asset module. There is no native functionality to do this and based on my conversations with the Dynamics GP team, it's not coming any time soon so you might as well understand the workaround and it looks like this:

1) Create a Miscellaneous Log Cost Category for Fixed Assets pointing the Contra Account to the FA Clearing account and the Cost/Expense account to wherever you are collecting the project costs (a WIP account, a project FA WIP account, etc.). You'll be doing a negative misc log so the cost collection location will be credited and contra (FA Clearing) will be debited.2) Once the project is ready to become a Fixed Asset, process a negative Misc Log transaction using the Fixed Asset Cost Category to remove an amount equal to the total cost of the project. a. This setup makes it easy to exclude the FA Cost Category when analyzing project costs while still leaving the project at zero b. This process provides a transactional audit trail to show that the project was closed out and moved to Fixed Assets3) Create a Fixed Asset. The GL Transfer mechanism will move the costs from the FA clearing account to the appropriate Fixed Asset account.

I'm surprised that Microsoft doesn't have any plans to add at least this basic functionality since it doesn't seem like it would be all that hard. But every indication is that it's not coming so you'll have plenty of time to get used to the workaround process.